Instoried Research Labs Pvt. Ltd, an artificial intelligence-based startup focussed on content marketing, has raised $8 million (around Rs 59 crore) in a new financing round led by Pritt Investment Partners and 9Unicorns with participation from Mumbai Angels, Venture Catalysts Angel Fund, and SOSV.
The company said the funds will be used to further strengthen the tech stack, enter newer geographies and expand the team and operations.
“With all brands selling online and the world going virtual, we were able to identify a huge opportunity in this adversity (pandemic time) and have grown 50X in the last year. We are now looking at scaling operations in the US,” Sharmin Ali, founder and CEO, Instoried, said.
“This fundraise will help us go to market, build a strong team in the US and add more product offerings to our existing portfolio. We are thrilled to have Pritt Investment Partners on board this content tech journey,” she added
Instoried was set up in 2018 by Sharmin Ali, a graduate of the Visvesvaraya Institute of Technology in Bengaluru who has previously worked as a senior business analyst with management consulting firm Mu Sigma.
Its other co-founder is Sutanshu Raj, who is an alumnus of Tampere University of Technology in Finland and has been associated with ASADEL Technologies Pvt. Ltd and the Public Health Foundation of India.
The company said its product offering includes both content evaluation and creation, some of the features being short-form content generation, emotional quotient analysis, grammar check, plagiarism check, headline analysis, tonality check, and panel testing. It has over 120K users in just 2 months. Instoried has seen customers increase lead generation 3-fold and double content return on investment within 6 months of using the tool.